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All About VA Loans

What is a VA Loan?

A VA loan is a mortgage option supported by the government and is available to veterans, active service members, and some surviving spouses. It is offered through private lenders, such as banks and mortgage companies, rather than directly through the Department of Veterans Affairs.

VA home loans are known for their favorable interest rates and terms, and they can be used to buy a single-family home, a condo, a multi-unit property, a manufactured home, or even a new construction.

Since its inception in 1944 as part of the original GI Bill of Rights, the VA has guaranteed over 28 million loans. VA loans are similar to other mortgages but include special benefits designed to make home buying more accessible and affordable for veterans and active military members.

Key benefits of VA loans

One of the most celebrated features of VA loans is the ability to purchase a home with no down payment. This benefit has been a cornerstone of the program since its beginning. Eligible veterans can buy a home with no down payment, regardless of the home's price. Other types of loans typically require a down payment, often 3% or more, which can take years to save. However, VA buyers with sufficient savings for a down payment have the option to use their funds elsewhere.

Little to No Down Payment

0% Down Payment

Benefits Eligibility

Flexible Credit Guidelines
Limits on Closing Costs

Loan Comparison

No Requirement for Private Mortgage Insurance

Types of VA Loans

The VA loan benefit allows qualified veterans several options for home financing, including:

  • VA Purchase Loan

    For buying homes with $0 down.

  • VA IRRRL

    A streamline refinance option for those with existing VA loans.

  • VA Cash-Out Refinance

    Allows refinancing and taking cash out from home equity.

  • VA Energy Efficient Mortgage

    Provides additional funds for energy-saving home improvements.

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